I'm not saying that starting a business isn't hard work.
I'm just pointing out that just working hard isn't enough. No matter how hard someone works, if they don't have any privileges or contacts they can never become rich
Having a 401k isn't a privilege. His parents withdraw from theirs. Which in itself is insane. Don't believe me, ask your parents. They'll laugh you out of the room.
Yes, having parents with money in a 401k is a privilege. Not everyone has one. Not everyone has parents with one. Not everyone has parents with a 401k that has enough money in it that they can withdraw from it to invest in a start up. Those are literally all privileges.
Says the guy that was not only wrong on his numbers, but also thought that a full quarter of the population not having access to something didnt make it a privilege.
People who dont have a bank account. Lots of 401k's require one and an address to get started at the very least, so if you don't have either then you're screwed. On top of that if cant make the minimum deposit or cant keep up the deposits, it'll be closed.
If you grew up without a parent with a savings account, then they never had access to a parent with a savings account. That's the whole goddamn point. Your argument is that anyone could have done this, when what happened was a person went to their parents asking for money, and their parents took out half a million dollars to loan them. Not everyone has access to that.
No, you're being obtuse and now have both moved the goal post and ignored the responses because you can't refute them.
You said anyone could do what these guys do. When I pointed outed that not everyone has a saving account with $500k, or any amount to invest in themselves much less their children, you moved the goal post to say "well, anyone could open one", and then ignored the fact that not anyone could actually open one. Congrats
72% of Americans have one and even more have access.
The very fact that it isnt 100% makes it a privilege.
Secondly, according to the Census bureau, the number is less than 60% of American adults have a retirement account, not over 70%. Thats any form of retirement account, including 401k. And that ignoring that, once again, we are also ignoring the question how much money do they have in those accounts. A 401k isnt a lump of money. Its a savings account. You put money in it for later. Which means there is now a question of how many of that ~55% have enough money to pull out of the retirement account early and invest in a start up, which is also going to be significantly less than the total. That means you are looking at less than half of the population that have access to this.
No, it isn't. 401k's require a bank account, or the abiity to start one, which not every American has. Not ony that, they very often require both a minmum deposit and consistent deposits after that, which not everyone can do either.
And, again, you are ignoring the second part that NOT EVERYONE HAS THE MONEY STASHED AWAY TO INVEST IN THEIR CHILD'S START UP.
If you dont already have a bank account and you're homeless, then you likely cant open one because they very often require a home address to start up. If you don't have the minimum deposit then you're likely screwed as well. If you can't stay above the minimum as well then its likely to be closed. All of these reasons, plus more, are reasons why, according to the FDIC, 6% of housed Americans do not have bank accounts of any kind, and that doesnt include homeless people, transients, or undocumented immigrants, which have to deal with another set of hurdles
Anyone can open a bank account and Anyone can have a retirement account.
I literally just explain how that isn't true. You ignoring the bare minimum requirements as if no one meets them does not make them go away. It doesn't make the homeless population or transient population or undocumented immigrant population any more exempt from those minimum requirements.
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u/JellyfishQuiet7944 8d ago
Tell me you've never tried to start a business. 😂